Progress Intersects 37m at 2.54g/t Au and 18m at 3.01g/t Au at the Bobosso Gold Project in Côte d'Ivoire

VANCOUVER, Dec. 11, 2018 /CNW/ - Progress Minerals Inc. ("Progress" or the "Company") is pleased to announce additional assay results from the ongoing reverse-circulation ("RC") drill program on its 100%-owned Bobosso Gold Project in Côte d'Ivoire.

HIGHLIGHTS

• As at December 10, 2018, 70 RC holes for 7,232m have been completed of a 7,500m planned RC drill at the Bobosso Gold Project
• Results for 15 holes have been received with the most significant results including:
• BOBRC089: 37m from 32m at 2.54g/t Au, including 1m at 15.37g/t Au and 5m at 5.22g/t Au
• BOBRC094: 18m from 49m at 3.01g/t Au, including 5m at 8.04g/t Au
• BOBRC095: 22m from 12m at 1.97g/t Au, including 3m at 4.00g/t Au; an
• BOBRC099: 15m from 39m at 2.47g/t Au, including 1m at 14.43g/t Au;
• The drill program will be completed during the second week of December and additional assay results are expected in the coming weeks
• Exploration underway in Burkina Faso

DETAILS

The RC drill program began on October 7th, 2018 with 7,500m of drilling planned to test six target areas on the Wendene permit: IP Anomaly, BRC104, Area 1, BRC302, Area 4 and BRC039 (Figure 1).

As of December 10th, 70 holes have been completed (BOBRC063-131) for 7,232m of RC drilling. Only three holes remain to be drilled in the current program.

To date, complete results have been received for the initial 37 holes (BOBRC063-99), with the 15 most recent holes (BOBRC085-99) being reported in this news release. Please see the news release dated November 19th, 2018 for the results from the first 22 holes of the program.

The latest batch of results continues to show good grades and widths along the well-defined IP chargeability anomaly. Specifically, BOBRC089 reported 37m from 32m at 2.54g/t gold, including 1m at 15.37g/t gold and BOBRC088 reported 14m from 0m at 0.78g/t gold, including 1m at 3.04g/t gold.

The BRC104 target area, to the west of the IP chargeability anomaly, also reported strong results, including: BOBRC094 reported 18m from 49m at 3.01g/t gold, including 5m at 8.04g/t gold and BOBRC095 reported 22m from 12m at 1.97g/t gold, including 3m at 4.00g/t gold.

Area 1, along the northeastern edge of the chargeability anomaly, reported 15m from 39m at 2.47g/t gold, including 1m at 14.43g/t gold in hole BOBRC099.

Certain remaining holes for the program have been spotted along the eastern margin of Wendene Hill to test for continuity of mineralization between the IP target area and the BRC302 target area.

Highlight of results reported from the drilling are included in Table 1 below.

Table 1: RC Drill Highlights

Significant mineralization defined as a minimum of 2m at 0.5g/t

"We are very pleased with the latest batch of results, which continue to report significant grades and widths within the BRC104 and IP target areas. In the coming weeks, we expect to receive the remaining assay results from this program, including holes from a previously untested area on the eastern side of Wendene Hill, which could represent a strike extension of the mineralized zone," commented Adam Spencer, CEO of Progress.

In addition to these positive results from the Bobosso Project, Progress is pleased to announce exploration programs have commenced on projects in Burkina Faso. A 5,000m RC drill program began on the Tambiri permit, November 28th, testing the south-west extension of the Tambiri prospect. Additionally, an auger program, consisting of 1,145 holes, testing the extension of the Bira Trend onto the Bonsiega Group of permits began on November 26th along with an Induced-Polarization survey which will also test the Dave prospect.

QUALIFIED PERSON'S STATEMENT

K. Kirk Woodman, P. Geo, Vice President Exploration is the Qualified Person overseeing Progress' exploration projects in Burkina Faso and Côte d'Ivoire and has reviewed and approved this press release.

All drill holes reported are reverse-circulation.

A Quality Assurance/Quality Control program was part of the sampling program on the Bobosso prospect. This program includes the systematic submittals of standards, field duplicates and blank samples into the flow of samples produced by the sampling.

Samples were prepared at Bureau Veritas in Abidjan and assayed using a 50-gram fire-assay. Drilling intercept lengths are reported in the tabulations. Additional information is required to calculate true thicknesses.

ABOUT PROGRESS MINERALS INC.

Progress is an exploration company, focused on the West African Birimian Greenstone Belts, targeting large, low-cost, high-quality, gold deposits. Progress is currently earning into a portfolio of permits in Burkina Faso, covering over 2,000km² including anchor projects for the Bira Trend Project.

On the Bira Trend Project, Progress has completed a district-wide power auger program targeting over 24km of a geochemical anomaly and recently completed a concurrent follow-on 5,129m (49 hole) reverse-circulation ("RC") drill program to test priority targets within an area of known mineralization. Progress began the RC drilling program in the fall of 2018. Progress is earning into a 70% interest in a large property package in Burkina Faso in partnership with Predictive Discovery Ltd. (ASX:PDI), whereby Progress is sole-funding US$5 million in expenditures by October 2021 to earn a 70% interest, after which time a joint-venture will be formed. Progress is finalizing its initial earn-in of 51% with Predictive after having spent the first US$1 million in eligible expenditures in Burkina Faso.

On the Bobosso Project, Progress has released final assays from its 2017 reverse-circulation drill program which have generated a number of targets for further follow-up within a large 7km² gold-in-soil anomaly. A 7,500m reverse-circulation drill program is underway for the 2018/2019 field season. Progress recently completed a consolidation of a 100% interest in the Bobosso Project.

SOURCE Progress Minerals Inc.